Four of my friends each have a business. I purchase their businesses from them. Three of my friends each owed debts of $150, and the fourth did not owe any debts and had $500 available. How much money do I have to work with once I put all four accounts together? pls show work
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Four of my friends each have a business. I purchase their businesses from them. Three of my friends
each owed debts of $150, and the fourth did not owe any debts and had $500 available. How much
money do I have to work with once I put all four accounts together?
pls show work
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- You habe a business where you babysit for people in your local area.Some of your customers pay you mimmediately after you finish a job.Some customers ask you to send them a bill.It is now the 30th June and you have collected $3,600 from cash-paying customers.Your remaining customers owe you $5,200. How much service revenue would you have under accrual accounting?Direction: Solve the following problems and show your complete solution. 1. Aina, who works in an accounting firm, earns a monthly salary of P35,000 per month and also receives P3,500 for a monthly allowance. Her monthly contributions are as follows: P1,466 for income tax, P300 for PhilHealth, P800 for SSS, and P100 for Pag-IBIG. Find her gross and net income for this month. salary of basic salary of P3 2. Cathy, a police officer, gets a basic P39,000 a month, monthly allowance of P2,000 and a hazard pay of P2,500. Find her annual gross income.Paul has extended $3,500 credit to one of his largest clients for the purchase of two fireproof filing cabinets. Paul paid $1,250 each for the filing cabinets. Since he has not extended credit in the past, he is uncertain how to record the transaction on the balance sheet and income statement. He is using the accrual method of accounting. What are the entries Paul will need to make on his financial statements? A. Record $2,500 in sales; increase accounts receivable by $3,500; and record $1,000 in profit to balance the transactions. B. When the client pays Paul, he should record $3,500 in sales, $2,500 in COGS, and $1,000 in profit. C. Record $3,500 in sales; create an accounts receivable account and add $3,500 to it; decrease inventory by $2,500; increase COGS by $2,500. D. Record $3,500 in sales; create an accounts receivable account and add $3,500 to it; decrease inventory by $3,500; increase COGS by $3,500.